Today In Payments: Huntington Merging With TCF Financial In $22 Billion Deal; Affirm Delays IPO Until Q1 2021

In today’s top news, Huntington Bancshares is merging with TCF Financial, and Affirm has delayed its IPO. Plus, Mastercard faces a £14 billion lawsuit over interchange fees in Europe.

Huntington Teams With TCF Financial in $22 Billion Bank Merger

Huntington Bancshares is merging with TCF Financial in a $22 billion deal that will result in the development of one of the top 10 U.S. regional banks. The combined company will operate under the Huntington name.

Affirm Delays IPO Until Q1 2021

Point-of-sale (POS) lender Affirm is putting its initial public offering (IPO) on hold until January or later. The IPO had been scheduled for this month. The delay could have been motivated by several different reasons, all leading back to a hot — and crowded — IPO market this year.

Mastercard Facing £14 Billion UK Class Action Suit

Mastercard is facing a new class-action suit that could cost the company £14 billion. Forty-six million consumers, represented by former financial ombudsman Walter Merricks, allege that Mastercard’s interchange fees are in violation of the European Union’s competition law.

Senate Overhauls AML Laws

An apparently veto-proof vote by the Senate sends the defense bill to the president for signature – and within it, legislation that would strengthen anti-money laundering efforts. Companies will have to disclose beneficial ownership – or face penalties.

REPORT: Connected at Home: The Devices That Got Consumers Through 2020

Consumers have not only changed where and how they shop in the last year — they’ve also changed what devices they use to buy and pay. In the How We Will Pay: Connected Devices Brief, PYMNTS surveys 9,587 consumers to find out how 2020 has altered consumers’ relationships with their connected devices and where they are using them.

Hippo CEO: More Than Just Insurance, We Want to Be the ‘1-800 Number’ for the Home

Home insurance is ripe for the digital age, as 87 percent of homeowners find themselves underinsured and their insurance safety nets shrinking right before their eyes. Hippo CEO Assaf Wand tells Karen Webster that big data, artificial intelligence (AI) and a focus on being the 1-800 number for everything in the home is how Hippo is reinventing the home insurance game.

Vaccine Distribution Underway; Convincing Consumers Remains a Priority

The vaccine is here – and it presents a huge logistical challenge. But as it turns out, that may not end up being the heaviest lift when it comes to putting the vaccine into people’s hands. The biggest challenge may be the people themselves.

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